Crypto Beginner Guides

Litecoin (LTC)

Litecoin

$30.23

Litecoin – The Crypto Silver.

Since the emergence of Bitcoin back in 2009, numerous digital coins have joined the blockchain market. Each coin boasts something better, mostly about speed, fees, and scalability. Litecoin (LTC) is one of these, and the main aim behind its creation in 2011 was to provide a higher transaction volume compared to Bitcoin.

Charlie Lee, a former Google employee, introduced this coin after discovering that the Bitcoin code was flawed. This included Bitcoin’s inability to increase the speed of transactions, its way of mining, and its transactions per second.

If you’re reading this guide, you might be asking yourself, “What exactly is Litecoin (LTC)?” or “How can I use it?” Well, read on as this review will cover the basic information that you should acquaint yourself with.

So, What is Litecoin?

Litecoin (LTC) is a blockchain-based digital currency that has many identical features to Bitcoin. However, it works towards making transaction processing faster, manifested in its shorter block generation periods of 2.5 minutes. In essence, this leads to faster transaction clearance, which consequently reduces the transaction costs for Bitcoin.

Charlie Lee and his team defined Litecoin (LTC) as a peer-to-peer digital currency with instant, almost-zero cost, for all people across the globe. Litecoin (LTC) is a mathematically secure, worldwide payment currency that also happens to be fully decentralized.

Nowadays, Litecoin (LTC) has gained substantial industry recognition, for trade volume as well as liquidity, and is one of the most preferred digital currency when it comes to e-commerce. Litecoin (LTC) has a key objective which is to facilitate a rise in daily transactions which will eventually enable it to run complementary to Bitcoin

How To Use Litecoin

To get started with Litecoin, you’ll need to download a Litecoin wallet first. You can opt for a hardware wallet or software wallet. A hardware wallet – which is the equivalent of a vault – is the safest and most robust option for storing your Litecoin if you have a large number.

If you own a small number of coins and are looking for the easiest and quickest way to access them, a software wallet will do. The next step involves putting some Litecoin in your wallet. There are three ways you can do this.

Firstly, you can buy Litecoin directly from an online exchange. This is the simplest and most straightforward way of getting Litecoin. Normally, exchanges accept multiple payment options such as credit cards, cheques and money transfers.

Next, you can receive payments for goods and services sold in Litecoin. Litecoin boasts lower fees, costs, and commission, as opposed to receiving fiat money, which is any currency approved by governments as legal tender.

The third way you can get Litecoin in your wallet is through mining. This process is often slow and time-consuming and will require sophisticated equipment.

To send Litecoin, you’ll need to scan the QR code which matches up with the receiver’s address or enter the individual’s address in your wallet. You’ll then be required to choose the amount of Litecoin you want to send before pressing the ‘Send’ button.

Litecoin Price Prediction

For long periods over the course of its existence, Litecoin has traded at around $3 to $4, with a market cap that didn’t surpass $200 million. During the winter of 2013, LTC surged in value but later plummeted back to its usual levels. It retained its normal level for long periods, and by March 2017, it was still rooted at the $4 mark.

However, something incredible was set to follow, as Litecoin shot up in price and reached an all-time high. As such, in September 2017, LTC traded at over $80 and experienced trade volumes (the number of shares transacted daily) worth $1B. In 2018, these figures have been maintained, and according to experts, Litecoin’s growth will not slow down in the future years. This may prompt more businesses to adopt the altcoin, either in tandem with or as a replacement to Bitcoin itself.

Also, a lot of work has been going into boosting the network that Litecoin runs on, which will consequently bolster the speed at which transactions can occur. In the coming years, cryptocurrencies will continue to dominate the world by transforming the e-commerce industry, and LTC has an important role in replacing fiat money.